Buy CrudeOil APR @ 9460 SL 9350 TGT 9620-9750. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL APR @ 9460 SL 9350 TGT 9620-9750. MCX
Observations
Crudeoil trading range for the day is 9096-10130.
Crude oil dropped as hopes rose for a Middle East de-escalation.
Iran attacked the Kuwaiti oil tanker Al-Salmi near Dubai, damaging its hull, signaling willingness to escalate strikes on energy infrastructure.
Reports indicate President Donald Trump may end US military operations in Iran even if the Strait of Hormuz stays closed.
Money managers raised their net long U.S. crude futures and options positions in the week to March 24 – CFTC
Natural Gas
BUY NATURALGAS APR @ 268 SL 262 TGT 276-282. MCX
Observations
Naturalgas trading range for the day is 260.6-289.2.
Natural gas dropped as warmer weather forecasts across the eastern US reduced demand expectations heading into spring.
Temperatures are now seen above average from March 30 to early April and again mid month, limiting heating needs.
EIA reported a larger than usual storage draw last week, it is widely seen as the final withdrawal of the winter season.
Average gas output in the U.S. Lower 48 states stood at 109.7 bcfd so far in March, up from 109.2 bcfd in February.
